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China Inflation April 2023

China: Consumer price inflation falls to over two-year low in April; decline in producer prices steepens

Consumer inflation dropped to 0.1% in April from March’s 0.7%. April’s result represented the weakest inflation rate since February 2021 and undershot market expectations. Lower prices for transport and housing weighed on the reading. Consumer prices fell 0.1% in April over the previous month, less pronounced than March’s 0.3% fall.

Meanwhile, producer prices fell 3.6% on an annual basis in April, which was a steeper drop compared to March’s 2.5% decrease and also undershot analysts’ expectations.

Weak overall price pressures in recent months are likely the result of improved supply chains, soft commodity prices and domestic demand still not firing on all cylinders. Our panelists see price pressures intensifying going forward as the economy recovers, but remaining mild nonetheless.

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